Word: low-interest
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...doing anything about it? The United Mine Workers were so cooperative that the president of U. S. Steel's mining division thanked them for helping to fight "government interference and unreasonable safety regulations." The union spent its time buying a bank and using dues to make low-interest loans to coal companies and Congressmen: its three top officers set up a secret pension fund and put $1.5 million into it for themselves. But retired union miners had to settle for pension benefits of $??5 per month-when they could get it. so many of them were excluded, for technical...
...government granted longterm, low-interest mortgages to resort builders, and now there is hardly a bank in France that is not involved in the ski-resort industry. The French also had the benefit of learning from the mistakes of resort owners in other countries. All the new resorts are built high on the mountain so that skiers can stay on the slopes into summer. Since the areas were simply created rather than built around existing towns, the promoters have been able to avoid becoming entangled in the confusing web of village politics and expropriation laws. Finally, they were able...
...coordinate boarding schools, Mount Hermon (boys) and Northfield (girls). The schools have already earmarked 20% of their operating budget for scholarship aid to almost half their students. Unwilling to "shunt the middle-income family aside," they have now allocated $110,000 (to be quadrupled in four years) for longterm, low-interest (5%) loans to families with yearly incomes of $15,000 to $20,000. Borrowers will not be obliged to start repayment until their children finish college or graduate school. Help is becoming available, says Dr. Howard L. Jones, head of the schools' joint administration, "for increasing numbers...
Despite the attention given to the urban crisis, the cities continue to deteriorate. So far, one of the least used resources, particularly in the slums, has been private industry. The potential in private capital is enormous, and both businessmen and bureaucrats must work to exploit it. Taking advantage of low-interest loans from the Federal Housing Administration, the Boston Gas Co., for example, provided additional capital for the rehabilitation of 3,000 apartments in the Roxbury ghetto. The result was not only better housing for several thousand people, but also the acquisition...
Bank customers may lust after low-interest loans, hunger for high-interest savings accounts and crave credit cards, but they are not immune to more human blandishments. Recognizing this, New York's National Bank of North America (assets $1.6 billion) has begun putting its most attractive figures behind the counters. Touting some of the "beautiful reasons" to do business at its 90 branches, the bank has launched an ad campaign declaring "the end of the plain Jane bank teller...